TIDMMTR
Metal Tiger Plc
28 November 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Copper/Silver Project - T3 Deposit: Environmental
Approvals & Prefeasibility Study Update
Metal Tiger plc (LON:MTR is pleased to provide an update
regarding the Company's Joint Venture ("JV") project with partner
MOD Resources Limited (ASX:MOD) ("MOD") in the Kalahari Copper Belt
in Botswana (70% MOD Resources/30% Metal Tiger).
Highlights:
-- Extension drilling north of the T3 receives Environmental Affairs
approval.
-- Environmental approval received for accommodation camp outside Ghanzi.
-- Environmental Impact Assessment ("EIA") commenced for planned T3 Mine.
-- Prefeasibility Study ("PFS") now targeted for completion during
January 2018.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are delighted to report a number of important approvals
which will allow the scope of the T3 Project to broaden
significantly. We are particularly pleased that the T3 extension
drilling application has been approved, allowing the JV to test the
geophysics targets to the north of the T3 Deposit and effectively
doubling the area of ground we are permitted to diamond drill.
The additional airborne geophysics will allow the team to focus
in on the strong soil anomalies along strike to the east of T3.
Whilst the approval for the T3 Exploration camp will help with
logistics as the onsite team builds and the number of contractors
and consultants increases with T3's progression towards a
mine."
This announcement coincides with an update released today by MOD
which can be viewed through the following link:
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
T3 Drilling Programme Update
-- Approval to extend the T3 drilling programme to the north has been
granted by Department of Environmental Affairs ("DEA").
-- T3 Extension Drilling permission granted without the need for an
additional Environmental Management Plan("EMP").
-- Total area approved for drilling effectively doubled to approximately
100km2, opening additional airborne electromagnetic ("AEM")
geophysics targets for drill testing.
-- Drilling on AEM targets A15 and A18 to commence immediately.
T3 Dome Regional Exploration & Geophysics Update
Current T3 Dome regional exploration targets include AEM
geophysics anomalies identified from the survey completed in July
2017. The AEM anomalies occur within an 8km wide zone extending
along the 50km long strike of the survey area; together with copper
geochemical anomalies identified by systematic soil sampling.
-- Project Brief submitted for a planned T3 Dome Drilling Programme.
-- Once the Project Brief is approved an EMP will be submitted to the DEA
for the planned drilling programme. The EMP will then be subject
to a
4-week public review process.
-- Department of Mines has granted approval for an additional 193km2
of airborne geophysics to be flown. This is expected to commence
in
December and will extend the current T3 Dome AEM Survey Area to
the
south and east, to provide coverage of a strong soil anomaly
(T21) and
several large magnetic features.
-- Drilling is planned to commence in Q1 2018 and will focus on an
initial nine AEM anomalies including A1, A2, A3, A4, A9 and
A10.
T3 Mine Environmental Impact Assessment
-- The EIA for the planned T3 open-pit mine has commenced. Public and
local community meetings, an integral part of the EIA, are
scheduled
on 15 and 18 December 2017.
-- Loci Environmental Pty Ltd, the experienced environmental consulting
company, which has been managing the JV's environmental
approvals, has
been engaged for the EIA.
T3 Prefeasibility Study (PFS) Progress
The T3 open-pit prefeasibility works are progressing well with
the PFS team now conducting further optimisation work on the
planned mining schedule and costs. Due to the extra level of
optimisation detail, the overall PFS completion date has moved to
January 2018. The progress of individual study streams is
summarised below:
-- Completed
-- Environmental baseline flora & fauna studies.
-- Archaeological Impact assessment.
-- Stakeholder engagement planning & policy.
-- Mineral resource update.
-- Digital terrain modelling and imagery.
-- Geotechnical Study.
-- Underway
-- Mining Study: Operating cost package issued. Surface capital works
estimation underway.
-- Hydrogeological Study: Groundwater testing complete. Report under
review.
-- Process & Infrastructure Study: Report under review.
-- Metallurgical Testwork: Testwork complete. Reporting underway.
-- Tailings Storage Facility: Ongoing. Quantities received.
-- Hydrogeological & Site Water Modelling.
-- Closure and Rehabilitation.
-- Tender Stage
-- Environmental Impact Assessment, Scope & Tender process underway,
formal process commenced.
Other Updates
-- Ghanzi District Council has provided environmental approval for the
construction of an accommodation camp 5km east of Ghanzi to
provide
temporary accommodation to JV employees and T3 Project
contractors.
Site works have commenced for an initial 40 units.
The Background
The T3 Project is located on the Kalahari Copper Belt in
northern Botswana and is part of the MOD/MTR joint venture Botswana
Copper/Silver Project. T3 is located within the central part of the
T3 Dome (approximately 1,000km2), which is the focus of rapidly
increasing exploration activity undertaken by the JV. Two
significant resources have been discovered to date within the T3
Dome: T1 (Mahumo deposit 100% MOD) and T3 (70% MOD / 30% MTR).
The T3 deposit was discovered in March 2016 when a reverse
circulation ("RC") drill hole intersected 52m @ 2.0% Cu and 32g/t
Ag from shallow depth. The maiden T3 JORC (2012) compliant Mineral
Resource was announced on 26 September 2016 with the first Resource
upgrade announced on 24 August 2017. The results of a Scoping Study
for an open pit mine at T3 with a 2Mtpa processing plant, an
indicative mine life of 10 years and an average production rate of
21,800tpa of copper and 665,000oz pa of silver was released on 6
December 2016. Work on a Pre-Feasibility Study (PFS) commenced in
January 2017 and additional deeper copper mineralisation was
discovered below the T3 Resource in February 2017.
The T3 Prospect geological data and exploration results have
been reviewed and approved by Jacques Janse van Rensburg, BSc
(Hons), Business Development Manager and Competent Person for MOD
Resources Ltd. Mineral Resource estimation and classification of
the T3 Copper/Silver Project was conducted and approved by Mr A.I.
Pretorius, MSc. Pri.Sci.Nat. an independent consultant to MOD
Resources Ltd.
The current phase of drilling at the T3 Copper/Silver Deposit
commenced on 7th August 2017, with approval granted for the
recommencement of both diamond core (DC) and reverse circulation
(RC) drilling at the T3 Project and its vicinity, through to
December 2018. This includes up to 70 planned diamond core drill
holes designed to infill the current Resource and test for possible
extensions. The objective of the infill program is to increase
geological confidence and upgrade categorisation of the T3
Resource. The programme also includes grid drilling to investigate
the potential for an underground Resource down-dip and along strike
from the planned open-pit, and to investigate geophysical
targets.
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who
is a qualified geologist who acts as the Competent Person under the
AIM Rules - Note for Mining and Oil & Gas Companies.Mr O'Reilly
has visited the T3 site and reviewed MOD's drilling and sampling
protocols and procedures. Mr O'Reilly is a Principal consultant
working for Mining Analyst Consulting Ltd which has been retained
by Metal Tiger PLC to provide technical support.
In addition to its 30% interest in the JV, Metal Tiger holds
99,200,000 MOD shares, equivalent to 5.2% of MOD's issued share
capital and 1,541,667 MOD options each exercisable price of 6 cents
(Australian) on or before 15 April 2019.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44(0)20 7099 0738
Keith Springall (Finance Director & Tel: +44 (0)20 7099 0738
Company Secretary)
Stephen Allen or RFC Ambrian Ltd Tel +44 (0)20 3440 6800
Bhavesh Patel
(Nominated Adviser)
Jonathan Williams RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Joint Broker)
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(Joint Broker)
Rita Adiani NRG Tel: +44 (0)20 3709 4504
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
(Financial PR)
James Crothers
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM
Market ("AIM") with the trading code MTR and invests in high
potential mineral projects with a precious and strategic metals
focus.
The Company's target is to deliver a very high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide, where possible, with a cyclical recovery
in the exploration and mining markets. The Company's key strategic
objective is to ensure the distribution to shareholders of major
returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana, Metal Tiger has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain,
the Company has tungsten and gold interests in the
highly-mineralised Extremadura region. In Thailand, Metal Tiger has
interests in two potentially near-production stage silver/lead/zinc
mines as well as licences, applications and critical historical
data covering antimony, copper, gold, silver, lead and zinc
opportunities.
The Company has access to a diverse pipeline of new
opportunities focused on the natural resource sector including
physical resource projects, new natural resource centred
technologies and resource sector related fintech opportunities.
Pipeline projects deemed commercially viable may be undertaken by
Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
LEI - 213800K1IN6M1VCVPA93
3.1. Additional regulated information required to be disclosed
under the laws of a Member State
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http://www.businesswire.com/news/home/20171127006100/en/
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(END) Dow Jones Newswires
November 28, 2017 02:26 ET (07:26 GMT)
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